Answers to Frequently Asked Questions (FAQs)

Q1.  I’ve heard that Silver Star REIT shares can now be bought and sold in the open market, like an ordinary stock. Is that correct?

Yes. On January 10, 2024, Silver Star REIT announced a partnership with LODAS Markets, which operates an automated, online marketplace for the buying and selling of assets such as Silver Star REIT. The LODAS marketplace functions similar to a stock exchange, electronically matching buyers and sellers of securities, and is fully regulated.

In order to buy or sell Silver Star REIT shares, you or your financial advisor can simply visit the LODAS website to create an account. On the site, you will be prompted to input your first and last name, email address, and phone number. You’ll also be asked to create a password.

As the LODAS marketplace matches buyers and sellers, there is no guarantee of trades being executed at the net asset value (NAV) that a buyer or seller desires. Prices for executions are determined by the bids and offers that buyers and sellers submit on the LODAS platform, similar to a stock exchange.


Q2. I invested with a company called Hartman, but I got a letter saying you changed to Silver Star Properties. Can you assist me with information about my investment?

Silver Star Properties does not own and has no affiliation with Hartman vREIT XXI, Inc., also known as the 21 program, and we will not be able to assist with any questions regarding Hartman vREIT XXI, Inc. or the 21 Program.

In December of 2022, Hartman Short Term Income Properties XX, Inc. changed its name to Silver Star Properties REIT, Inc. It is the successor to three former companies: Hartman Short Term Income Properties XX, Inc., Hartman Short Term Income Properties XIX, Inc., and Hartman Income REIT, Inc. If you owned stock in any of these programs and want to access your account information online, please contact Phoenix American:

Transfer Agent: Phoenix American Financial Services

Support Email:  [email protected]


Q3. What was the Rights Agreement and Flip-in Event?

Effective August 18, 2023, the Company implemented a Rights Agreement (the “Rights Agreement”), between the Company and Phoenix American Financial Services, Inc., as Rights Agent (the “Rights Agent”), to protect its business plans and shareholders from a group of dissidents acting against their interests. The Board has now determined that Allen Hartman and certain affiliated parties had become Acquiring Persons, causing a Flip-In Event, and has set December 13, 2023 as the Distribution Date in accordance with the Rights Agreement.

The Board of Directors directed the Company to act pursuant to Section 24 of the Rights Agreement and exchange each Right which had not become void for one share of Common Stock held of record as of December 13, 2023, which resulted in the issuance of approximately 30,240,714 shares of Common Stock in the aggregate. Accordingly, shareholders other than the Acquiring Persons, received one share of Common Stock for each share of Common Stock that they owned as of the distribution date at no additional cost and with no action on their part, doubling their number of shares owned in the Company.

Additionally, by clicking the following links you will be directed to further information related to the Proxy contest:

A Response From the Executive Committee to Allen Hartman’s Allegations

Letter To Stockholders

Proxy Statement

Investor Presentation

View recent article featuring Gerald Haddock HERE

Silver Star Fireside Chat #1 with Gerald Haddock and David Wheeler HERE

Gerald Haddock Addresses Shareholders HERE


Q4.  What is Silver Star Properties REIT’s current estimated net asset value (“NAV”) per share?

On March 28, 2024, Silver Star’s management estimated the Company’s NAV as of December 31, 2023 to be $2.70 per common share and OP unit. The estimated NAV is subject to approval by the Company’s Board of Directors. The Company only computes its NAV once annually.


Q5.  Why was the NAV reduced from the 2022 level? 

Our NAV is calculated on an annual basis.  As of December 31, 2022, our NAV was $3.35 per common share and OP unit (total outstanding shares being adjusted for the flip-in event under the Rights Agreement discussed in Q3 above).  As of December 31, 2023, our NAV as determined by management is $2.70 per common share and OP unit.  The decrease in NAV per share is attributable to an approximately $42 million decrease in net asset value or $0.65 per share.  The fair value of real estate assets together with transaction costs associated with assets sold represent approximately $32 million or $0.50 per share of the net asset value decrease.  Liabilities increased by approximately $10 million or $0.15 per share in 2023 which decreased net asset value.

In connection with the annual determination of net asset value, we had our property values determined by a third-party valuation expert, who provided the value of the properties based on what they could be sold for on the current market. This does not mean that we cannot or will not sell them at a higher value, it just means that under their standardized procedure for considering property values, the individual values of the properties have dropped as they are part of an out of favor asset class (commercial office).

We are in the process of selling some or potentially all of these commercial office properties and replacing them with self-storage facilities which are largely in favor at the moment and are likely to lead to an increase in the share value.


Q6.  I am looking for the redemption form to liquidate/redeem my stock. When can I redeem/liquidate my shares? Are you doing redemptions for this investment at this time?

From 2020, the redemption program was limited to redemption claims based on death and disability. There were limited funds available for redemption and there was a queue of requests that formed. The program for redeeming shares closed in July of 2022. Not all requested redemptions were completed before the program was suspended. At this time, we do not have a date of when a redemption program will open again as we are working to increase share value.


Q7. How did the Hartman SPE, LLC Chapter 11 filing benefit Silver Star Properties?

Silver Star Properties REIT, Inc.’s indirect subsidiary, Hartman SPE, LLC (the “SPE”), which owns legacy office, retail and industrial properties, announced via news release and From 8-K on September 13, 2023 that it had filed a voluntary petition under Chapter 11 of the Bankruptcy Code (the “Filing”).

On March 28, 2024 the Company and lenders Benefit Street Partners (“BSP”) and RMWC (“RWMC”) announced that they together successfully closed a $135 million exit facility (the “Exit Facility”) on March 27, 2024, allowing SPE to go effective on its Chapter 11 Plan of Reorganization today, March 28, 2024. BSP provided $120 million with RMWC providing $15 million of the Exit Facility. Following intensive negotiations, the Company, BSP and RMWC solidified their commitment to working together through this Exit Facility to achieve shared objectives. The Exit Facility will fund the Chapter 11 Plan, which provides for payment in full to all unsecured creditors and tenants and the full reinstatement of all interests without impairment.

The Filing resulted after failed efforts to amicably resolve intercompany ownership matters, a process that has been ongoing since December 2022, involving negotiations between the Company and Hartman vREIT XXI, which is under the control of Allen Hartman. The Company diligently pursued mediation and sought legal remedies in response to Allen Hartman’s efforts to secure more favorable terms through the use of controversial legal tactics. The closing of the Exit Facility paves the way for the Company to complete their shift into to the self-storage sector where Silver Star expects to have approximately $370 million in available funds, assuming a loan-to-value ratio of 50%, for the Company’s investment strategy. This move comes as part of the Company’s commitment to adapt to evolving market dynamics, capitalizing on emerging opportunities, and delivering 1031 tax savings from the sale of its assets to its shareholders.  


Q8.  Who do I contact for assistance with updating my address and phone number, changing information on my investment account, and/or transferring my shares to someone else?

Contact the transfer agent:

Transfer Agent: Phoenix American Financial Services

Support Email:  [email protected]


Q9.  I inherited stock. Who do I contact to find out more about this account?

Contact the transfer agent:

Transfer Agent: Phoenix American Financial Services

Support Email:  [email protected]


Q10.  What is the most efficient way to contact the Company if I have other questions regarding Silver Star Properties REIT?

Please email your questions to:

Ken Dennard, Investor Relations

[email protected]